As we approach the holiday season, RE+ 2024 may seem far off, but we are still reflecting on the valuable insights gained from this year’s event. With over 40,000 visitors, there were numerous opportunities for collaboration and discussion. Our Greentech Renewables booth was bustling with activity, featuring our teams, customers, and new visitors alike.
We showcased 13 interactive products from our manufacturer partners for both residential and commercial use, including infographics on domestic content and UL 3741 standards. Our strong relationships with longstanding renewable energy manufacturers enabled us to present innovative solar solutions for all types of solar projects. This article will highlight some key takeaways from the show.
Commercial Takeaways
The market is expected to grow next year in the commercial sector at a conservative rate of 10-15%. Most commercial customers are adapting to domestic content requirements and are waiting for the situation to stabilize. Additionally, there is a projected decline in the availability of transformers, switchgear, and other balance of system (BOS) components. However, timelines for these components are estimated to be 20-40 weeks, compared to the previous 40-60 weeks. To improve commercial solutions, experts recommend exploring additional financing options and seizing opportunities created by increased capital investments in commercial array ownership.
Design and Engineering
The design and engineering market for solar products is evolving similarly to other sectors, with several new companies emerging. However, many of these companies may struggle to meet the diverse needs of all customers. Combined with service and expertise, our design service stands out in the industry.. Additionally, distribution customers are being increasingly proactive about minimizing project costs in response to various financial challenges.
Finance Takeaways
Most conversations with installers and lenders at the show were positive, fueled by optimistic expectations of falling interest rates and innovative financing solutions emerging in the market. We are already beginning to see solar lenders lower their rates in anticipation of a declining interest rate environment. This shift is leading to a greater variety of strategies that lenders are employing to pass the benefits of cheaper capital on to installers.
“Domestic content” is a key topic in the industry right now. The specifics are important for obtaining the benefits of the 10% tax credit. Third-party ownership (TPO) providers are developing strategies to monetize this credit while sharing some benefits with installers and consumers, making TPOs advantageous for all parties involved.
The solar landscape is intricate, but we are here to help you identify risks and seize opportunities. As your trusted partner, we can navigate the industry's convoluted policy minefields. No matter the type of project, Greentech Renewables goes beyond just supply; we guide you through every phase of the installation process to ensure you make well-informed decisions and achieve lasting success. Reach out to a location near you today to speak directly with a Greentech Renewables representative!